REG - Chariot Limited - Drilling Operations Onshore Morocco Commence

ChariotAnnouncement

02/05/2024 11:00

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RNS Number : 0166N  Chariot Limited  02 May 2024

 

 

2 May 2024

 

Chariot Limited

 

("Chariot", the "Company")

 

Commencement of Drilling Operations Onshore Morocco

 

Chariot Limited (AIM: CHAR), the Africa focused transitional energy group,
is pleased to announce that drilling operations have commenced at the Loukos
Onshore licence ("Loukos") onshore Morocco (Chariot, Operator 75%, ONHYM, 25%)
with the spud of the RZK-1 well on the Gaufrette prospect.

 

·      Gaufrette Main target has Best Estimate recoverable prospective
resources of 10 Bcf

·      Option to penetrate a deeper target identified on newly
reprocessed 3D seismic data

·      Strong read through for other geologically linked prospects in
the Gaufrette area with success potentially unlocking combined Best Estimate
recoverable prospective resources of 26 Bcf

·      Results will be announced on completion of drilling

 

Duncan Wallace, Technical Director of Chariot commented:

 

"We are very pleased to commence this onshore campaign, kicking off the first
of our exciting drilling operations for Chariot this year. We also continue to
work up the prospectivity across this acreage as we see significant upside
both in the vicinity of our high graded well locations and beyond. I would
like to thank our operational team for their hard work and efforts in getting
this drilling underway within ten months of licence award and ONHYM for their
ongoing support and partnership. We look forward to providing an update on the
results in due course."

 

Enquiries

 

 Chariot Limited                                              +44 (0)20 7318 0450

 Adonis Pouroulis, CEO

 Julian Maurice-Williams, CFO

 Cavendish Capital Markets Limited (Nomad and Joint Broker)   +44 (0)131 220 9778

 Derrick Lee, Adam Rae

 Stifel Nicolaus Europe Limited (Joint Broker)                +44 (0) 20 7710 7760

 Callum Stewart, Ashton Clanfield
 Celicourt Communications (Financial PR)                      +44 (0) 20 7770 6424

 Mark Antelme, Jimmy Lea

 

NOTES FOR EDITORS:

 

About Chariot

 

Chariot is an Africa focused transitional energy group with three business
streams, Transitional Gas, Transitional Power and Green Hydrogen.

 

Chariot Transitional Gas is focused on high value, low risk gas development
projects in Morocco, a fast-growing emerging economy, with a clear route to
early monetisation, delivery of free cashflow and material exploration upside.

 

Chariot Transitional Power is focused on providing competitive, sustainable
and reliable energy and water solutions across the continent through building,
generating and trading renewable power.

 

Chariot Green Hydrogen is partnering with TEH2 (80% owned by TotalEnergies,
20% by the EREN Group) and the Government of Mauritania on the potential
development of a 10GW green hydrogen project, Project Nour in Mauritania, and
are progressing pilot projects in Morocco.

 

The ordinary shares of Chariot Limited are admitted to trading on the AIM
under the symbol 'CHAR'.

 

https://chariotenergygroup.com (https://chariotenergygroup.com)

 

 

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